The big question is what, if anything, could be done with the property. On the one hand, since this is part of bankruptcy proceedings, St. Vincent’s will likely be compelled to get top dollar for the complex. But because the hospital campus is located in a historic district, getting a new design approved could be difficult, expensive and time-consuming, a task that would drive down the price for most developers.

Then there is the issue of the disappearing hospital. Including a medical facility in any proposal would only add to the expense of designing and building the project while also reducing space for more profitable ventures, like retail and residential space. At the same time, any proposal that excludes medical facilities would face the wrath of every Villager, not to mention the vast majority of the city’s and state’s elected politicians, so leaving it out seems impossible. Yet if that means a lower bid, won’t the creditors complain?